My partner and I are looking to dip our toes in the REI pool and realize the promise of financial independence.Our plan will most likely include creating an LLC to provide protection (tax, liability, brand), starting with flips to build capital, diversify into buy and hold/BRRRR to build wealth, and finally retire in about a year to live life ;)We've been lurking on BP, reading @j_scott and @brandon_turner, and listening to the podcast.

I've had a keen interest in real estate from an early age but went the conventional route through life, ultimately getting a PhD last year.

(If life is really hectic it might be worth it). 

Hi Serena, I highly recommend taking the course in person as you'll complete it faster, and, as others have mentioned, you will retain more as you will receive real life examples and in many cases will get guidance as to what to expect on the school and state exams.

Because even though you have heard many people talk about their mistakes, when you go into life prepared, they will be minimal.

Earlier in my life I worked in the construction trades and built a 1600 sq. ft. home by myself.

If an agency, life company, or CMBS lender then there won't be any flexibility.

During the feasibility period you will want to:1) Perform inspections of the property2) Get estoppel certificates from all the tenants3) Get all leases4) Get copies of all financial information, including copies of all expenses paid for at least the last year.5) Get rent roll6) Determine if a certificate of occupancy is required, and find out if the seller has one.Those are a few of the items you will want to see during the feasibility period.As far as the HVAC, if the unit was installed in the 80's, it's well past its useful life.

I may be biased because it's my adopted home, but Austin is nice.It's rated #1 by Forbes as a boom town:http://www.forbes.com/sites/joelkotkin/2016/01/14/...Top three cities to find a job:http://austin.culturemap.com/news/city-life/01-04-...One of the best to start a career (which is different than finding a job:http://austin.blog.statesman.com/2016/02/03/austin...Ranked #1 city for young families:http://austin.culturemap.com/news/city-life/05-10-...There are a lot more of these articles, these were just the first five that came up when I Googled "best cities to live".

In order to determine if $5k capex is a good number, you should have an understanding of the remaining life in the roofs, and how much replacement will cost, whether windows are needed during the time you'll own the buildings, HVAC life expectancy and replacement costs, etc.